So why might you think about downsizing? There are lots of different reasons you may consider downsizing but some of the most popular reasons we come across are:
1. To reduce your monthly bills. With a smaller/cheaper property you can expect smaller mortgage payments, reduced council tax and other utility bills – a smaller house should require less heating.
2. You may downsize to free up the money tied up in the home to help children raise a deposit for their first home.
3. Selling your larger home and moving to a smaller one can enable you make a capital payment off your mortgage, thereby reducing or even paying off your mortgage completely.
4. By moving to a smaller property and reducing your household bills, you could free up finances to help you enjoy your retirement a bit more – now where did you put those cruise brochures!?!
5. You may want to get out of a city property and move to the country, or move to an area that has better public transport links or closer to family.
6. A smaller home will be more manageable. Less housework, less maintenance and probably a smaller garden.
7. You may wish to move to a bungalow or retirement flat to be prepared for older age.
Whatever you reason for considering downsizing, it can have many financial benefits. You will need to think seriously about what items you would like to keep and which can be got rid of, because along with downsizing will probably come a good clear out of your possessions.
